Welcome to FRS for SMEs

In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again.

  1. What is the reason behind the issuance of the ED 72 FRS for SME?

  2. Which is not a characteristic of ED 72 FRS for SMEs?

  3. Some topics not relevant to SMEs have been omitted

  4. Which of the following is a difference between ED 72 FRS for SMEs and PERS in relation to Scope and Presentation of Financial Statements?

  5. How does ED 72 FRS for SMEs simplify measurement and recognition?

  6. Which of the following best describes the difference(s) relating to measurement, recognition and presentation of financial instruments between ED 72 FRS for SMEs and PERS?

  7. Which of the following is not covered under Section 11: Basic Financial Instruments in ED 72 FRS for SMEs?

  8. Which of the following are notable difference(s) between ED 72 FRS for SMEs and PERS?

  9. Which of the following is not amongst the concerns expressed by the SME fraternity in Malaysia on adopting the full FRSs/IFRSs?

  10. What are the drivers that are pushing (either directly or indirectly) Malaysia to adopt the FRS for SMEs?